The larger project would replace an existing 10-unit rental building with a 23-story tower featuring 20 deed-restricted affordable units
Hankey Capital has proposed two residential developments on 7th Street in Santa Monica, including a 23-story high-rise at 1518-1524 7th Street and a four-story affordable housing complex at 1238 7th Street, with a community meeting scheduled to discuss the plans on September 11.
The larger project at 1518-1524 7th Street would replace an existing 10-unit rental building with a 23-story tower featuring 104 for-sale market-rate homes and 20 deed-restricted affordable units to replace the current housing, according to Urbanize LA. Designed by Ottinger Architects, the development includes 220 parking spaces across two subterranean and three above-grade levels, with indoor and outdoor amenities at the podium and rooftop levels.
The smaller project at 1238 7th Street proposes a four-story building with 23 deed-restricted affordable rental units, fulfilling off-site affordable housing requirements for the high-rise. The design, also by Ottinger Architects, incorporates outdoor common areas and resident amenities.
The proposals originated from a 2023 Builder’s Remedy application when Santa Monica’s housing element was out of compliance with state regulators, according to Urbanize LA. Hankey Capital acquired the sites from WS Communities, which lost control of its Santa Monica portfolio to lenders in 2024. The city settled with WS Communities to process these projects under formal city procedures, Urbanize reported.
A virtual community meeting to gather public input is set for September 11 from 6 to 7:30 p.m. via Zoom. Residents can RSVP or access more details at 7thstsantamonicaprojects.com.
